Last Updated on January 21, 2020, 11:13 PM AST by Anthony Morris
Foreign Direct Investment in St Kitts and Nevis declined in 2019.
Days after St Kitts and Nevis’ Leader of the Opposition, the Rt Hon Dr Denzil L Douglas informed the nation of a signficant decline in Foreign Direct Investment to St Kitts and Nevis under the Timothy Harris-led Team Unity Government in 2018, the Economic Commission for Latin America and the Caribbean (ECLAC) is reporting a further decline last year.
In highlighting plans by his St Kitts-Nevis Labour Party administration to stimulate and drive the local economy when it takes over the reigns of government following the next general elections, Dr Douglas pointed out last Friday that Foreign Direct Investment had fallen from EC$516.2 million in 2014 under his Labour Government to EC$253.9 million in 2018, a decline of more than 50%, under Team Unity.
In releasing preliminary figures in December 2019, the Economic Commission for Latin America and the Caribbean (ECLAC) report indicated that St Kitts and Nevis attracted just US$90 million in net foreign direct investment in 2019.
In his press conference on Friday, Dr Douglas also pointed to the high unemployment in St Kitts and Nevis and high cost of living.
He also pointed to a slow down in economic growth from 6% back in 2013 and 2014 under the Douglas led Labour Government to negative growth of -1.8% in 2017 under the Harris-led Team Unity administration.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
